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FHLBanks Face Possible MBS Write-Downs.
Byline: Ted Cornwell
New York-Under a "worst case scenario," the Federal Home Loan Banks may have to report substantial impairment in the value of their $76.2 billion of private-label MBS, but the true economic losses embedded in the portfolio are manageable, according to Moody's Investment Service.
Still, the "other than temporary impairment" write downs, should they be required under accounting rules, could place most FHLBanks below their minimum regulatory capital requirement under a worst case scenario, Moody's warned. As MSN went to press, an accounting regulatory body was moving forward with revisions to the OTTI rules (See related story, this page).
If all the MBS have to be written down under OTTI accounting standards, Moody's estimated that the impairment would be so great that only four of the 12 FHLBanks would remain ...
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